Golden State Mining (ASX: GSM) AGM Presentation Mike Moore | Managing Director | 30 November 2018

GOLDEN STATE

Nature of Document: This presentation has been prepared and issued by Golden State Mining Limited (Company) to provide general information about the Company. The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any matters that a reader should consider in evaluating the Company. While management has taken every effort to ensure the accuracy of the material in this presentation, the Company and its advisers have not verified the accuracy or completeness of the material contained in this presentation.

Not an offer: This presentation and its contents are not an invitation, offer, solicitation or recommendation with respect to the purchase or sale of any securities in the Company in any jurisdiction and must not be distributed, transmitted, or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. This presentation is not a prospectus or any other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law.

Not financial product advice: Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financial products. You should not act and refrain from acting in reliance on this presentation. Nothing contained in this presentation constitutes investment, legal, tax or other advice. This presentation does not take into account the individual investment objectives, financial situation and particular needs of Company shareholders. Before making a decision to invest in the Company at any time, you should conduct, with the assistance of your broker or other financial or professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and perform your own analysis of the Company before making any investment decision.

Forward looking statements: This presentation contains forward-looking information about the Company and its operations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "should", "could", "estimates", "target", "likely", "plan", "expects", "may", "intend", "shall", "will", or "would". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements are subject to risk factors associated with the Company's business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

Disclaimer: No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisors and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any effort or omission therefrom. The Company will not update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

The information in this presentation in relation to geology and Lithium Exploration Results at the Yule Project is based on, and fairly represents, information and supporting documentation that has been compiled and reported by Dr John Chisholm, BSc Hons Geol, PhD (Geol.), a Competent Person who is a fellow of the Australasian Institute of Mining and Metallurgy. Dr Chisholm is employed by Continental Resource Management Pty Ltd, a Geological consultancy, which was engaged by GSM to compile the geology, exploration history and potential of the Yule and Four Mile Well Projects of GSM. Dr Chisholm has sufficient experience, which is relevant to the style of mineralisation, geology and type of deposit under consideration and to the activity being undertaken to qualify as a competent person under the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the 2012 JORC Code). Dr Chisholm consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

The information in this presentation that relates to Gold Exploration Results is based on information compiled by Mr Geoff Willetts, BSc. (Hons) MSc. who is a member of the Australian Institute of Geoscientists and is employed by Golden State Mining. Geoff Willetts has sufficient experience which is relevant to this style of mineralisation and type of deposit under consideration and in the activity undertaken, to qualify as a competent person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Geoff Willetts consents to the inclusion in this presentation of the matters based on information in the form and context which it appears.

✓ Cue Project

✓ Targeting large gold systems at Cue
✓ Tight capital structure
✓ Experienced Team

▪Drilling currently underway
▪Great location and infrastructure
46km²of the right ground in an underexplored area
Targeting large gold systems
▪Historic underground mines operated until the 1920's exploiting high grade + 15g/t veins

PROVEN GOLD REGION

Region has produced over 7Moz of gold over the past 120 years

Day Dawn trend (1.7Moz)

Significant number of high grade gold mines on the GSM tenements

400m x 400m gravity survey covering the entire Cue Project
▪Data is currently being processed by Southern Geoscience Consultants
▪Data used to refine high priority drill targets

PLANNED DRILL PROGRAMME

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Initial drill program underway at Cue

Includes ground previously selected by highly successful prospecting geologist, the late Graeme Hutton
His interest was focused on tantalum, gold and base metals
Graeme's hypothesis never tested
434 km² in an area of under explored West Pilbara Craton
Initial field reconnaissance program complete
Emerging gold and lithium province
Exclusive area with significant exploration activity

▪Well endowed region containing major gold and nickel deposits
▪Good access and infrastructure
Encouraging historic gold geochemical anomalies with negligible follow up
▪No Native Title
Early stage drilling opportunity

✓ Gold focused ✓ Drilling underway at Cue ✓ Targeting large gold systems ✓ Cue project located in premier gold mining district ✓ Yule project ✓ Emerging gold and lithium province ✓ Field reconnaissance program complete ✓ Tight capital structure